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News Release
Texas Access to Justice Foundation Program Boosts Funding for Legal Aid in Texas
AUSTIN, Texas–– —
The Texas Access to Justice Foundation (TAJF) proudly welcomes Keystone Bank
– with locations in Austin, Bee Cave and Ballinger –
All attorneys that
handle client funds are required to keep those funds in IOLTA accounts until
they can be made available to a client. The Texas Access to Justice
Foundation receives funding from the interest generated by these accounts
and uses the money to distribute grants to legal aid providers throughout
Texas. This funding provides legal assistance to more than 150,000 Texas
families each year.
“Many Texans face
serious legal issues, such as escaping situations of domestic violence or
avoiding foreclosure, and simply do not have the resources to hire an
attorney,” Richard L. Tate, chair of the board of directors for the Texas
Access to Justice Foundation, said. “By paying higher interest rates on
IOLTA accounts, Keystone Bank is helping ensure that low-income Texans have
access to life-saving civil legal services.”
Due to low interest
rates since 2007, as estimated $156 million in funding for legal services
for low-income and disadvantaged Texans has been lost in IOLTA. Prime
Partner banks pay 75 percent of the Federal Funds target rate interest on
IOLTA accounts, which is above and beyond the eligibility requirements for
banks participating in the IOLTA program.
“Keystone Bank
is committed to making our community a better place to live and work,”
Jeff Wilkinson, CEO said. “We are excited to join the Prime Partner Bank
program to help improve and stabilize the lives of disadvantaged Texans who
need legal help.”
Approximately 5.5
million Texans qualify for legal aid and many are turned away simply because
legal aid providers do not have the resources or funding to help everyone in
need. Prime Partner banks help mitigate the decline in revenue available to
fund legal aid.
Keystone Bank is
now one of nearly 60 banks that participate in the Prime Partner Bank
program across the state. See a current list of Prime Partner banks in Texas
at:
http://www.teajf.org/financial_institutions/prime_partners.aspx
-30- The Texas Access to
Justice Foundation (www.teajf.org), created by the Supreme Court of
Texas in 1984, is the leading state-based funding source for the provision
of civil legal aid in Texas. The organization is committed to the vision
that all Texans will have equal access to justice, regardless of their
income. The Foundation administers a variety of funding sources, which are
earmarked to assist nonprofit organizations in providing legal aid to
more than 150,000 Texas families each year.
A lot like Austin,
Keystone Bank was founded on the principles of integrity, honesty and
resilience. Today, we're helping our customers meet their financial goals by
being great listeners and even better problem solvers. Give us a ring or
stop by. With combined experience of more than 100 years, we know banking.
But we especially know Austin banking.
Contact: Kimberly Schmitt512-320-0099, ext. 104 kschmitt@teajf.org
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